Senate approves Buhari's request for N22.7trn loans

Senate approves Buhari's request for N22.7trn loans

https://leadership.ng/senate-approves-buharis-request-for-n22-7trn-loans/

LEADERSHIP 

The Senate yesterday approved the request of President Muhammadu Buhari to restructure the N22.7 trillion loans the Central Bank of Nigeria (CBN) extended to the federal government under its Ways and Means provision.

The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.

Since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank to finance its expenditure programmes via Ways and Means whose balance as of December 19, 2022 stood at N22.7 trillion.

The federal government had said it will repay the loan with securities such as treasury bills and bonds issuance.

President Buhari had last year asked the Senate to approve his proposal to securitise the loan but the Red Chamber rejected the request, citing lack of details…

More

Leave a Reply

Your email address will not be published. Required fields are marked *

Senate approves Buhari's request for N22.7trn loans

 

Log In

Or with username:

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.